Financial Crime

1st May 2019

Dems vow to enforce subpoenas as Trump resistance grows

AP — Democrats are steeling for a no-holds-barred fight with President Donald Trump as the White House ignores subpoenas, denies access to witnesses and otherwise stonewalls congressional oversight in the aftermath of special counsel Robert Mueller’s investigation. In the latest case, Trump, his family and the Trump Organization have filed… Read More

30th April 2019

Swiss group files criminal complaint against Credit Suisse over Mozambique loans

A Swiss anti-corruption lobby group has filed a criminal complaint against Credit Suisse over alleged fraud in the arrangement of $2 billion of loans to Mozambique, the group said on Monday. Mozambique, one of the most indebted countries in the world, in 2016 admitted to billions of dollars of undisclosed… Read More

30th April 2019

Trump sues Deutsche Bank and Capital One to block House subpoenas

U.S. President Donald Trump, three of his children and one of his companies filed a federal lawsuit Monday against Deutsche Bank and Capital One Financial Corp to block the banks from complying with federal subpoenas investigating his financial dealings. The federal lawsuit, filed in the U.S. District Court’s Southern District… Read More

15th April 2019

‘Gangnam style’ sex crime – K-pop scandals uncover dark side of Seoul’s flashiest district

On a recent weekend night, the dance floor at one of the hottest clubs in Seoul’s swanky Gangnam district held only a few dozen people surrounded by mostly empty tables. A few months ago, the nightclub would have been packed with hundreds of gyrating men and women, and full tables,… Read More

18th March 2019

Look to ‘Sales Side’ Prosecutions for Real AML Change: Ex-U.S. Investigator

Recent headlines pointing to suspected money laundering networks and tax fraud schemes operating within European banks should startle compliance professionals, according to KYC360.com contributor and bestselling author Robert Mazur. While the ongoing investigations of Danske Bank, Swedbank, UBS and other institutions echo similar financial crime scandals of the past decade, the… Read More

3rd March 2019

Indian agency searches properties of former ICICI Bank CEO Kochhar

India’s financial crime fighting agency said on Friday it was conducting searches on properties of former ICICI Bank CEO Chanda Kochhar and a top executive of Videocon group, amid probes into suspected conflict of interest and misconduct. Searches, under prevention of money laundering laws, were being conducted in Mumbai and… Read More

27th February 2019

EU needs financial police, money-laundering watchdog – lawmakers

The European Union should set up a police force to investigate tax evasion and financial crime and create a watchdog to counter money-laundering, EU lawmakers said in a report on Wednesday, which accuses seven member states of acting as tax havens. The report is the result of a year’s work… Read More

24th January 2019

Financial crime: UK announces consultation on bitcoin, cryptoassets guidance

Britain’s Financial Conduct Authority (FCA) has launched a consultation into guidance on the cryptoasset activities it regulates. The watchdog said the move is aimed at providing clarity for firms about whether their cryptoasset activities fall under its regulation, and [for them to] ensure they are compliant and have appropriate consumer… Read More

29th October 2018

Barclays escapes Serious Fraud Office financial crime charges

The High Court in London has dismissed an application to reinstate the Serious Fraud Office’s charges which sought to prosecute Barclays for alleged fraud surrounding its fundraising during the financial crisis. The issue can be traced back to 2008 when Barclays took a £12bn loan from Qatar Holding, and… Read More

2nd October 2018

UK regulator FCA fines Tesco Bank £16.4m for cyber-attack, financial crime failures

The Financial Conduct Authority (FCA) has fined Tesco Personal Finance plc (Tesco Bank) £16,400,000 for failing to protect its customers against a November 2016 cyber attack and the resulting financial crimes that occurred. The banking watchdog found that cyber attackers exploited deficiencies in Tesco Bank’s design of its debit card,… Read More